3 Lesser Known Business Insurance Policies

Most business owners know the importance of property, liability and workers compensation insurance. But what about the assortment of additional business coverages that provide more well-rounded coverage for a variety of needs? This article discusses five lesser known business insurance policies that might be right for your business.

1. Key employee insurance: This policy protects your business from the loss of a key employee. Think about it—the continued success of your business is likely dependent on a few executive employees and their guidance. What would happen if one of them become disabled, fell ill or passed away? This coverage provides monetary rewards to compensate for the search for a new staff member, training said staff member and sometimes even lost profits that are directly related to the loss of the previous staff member.
   
   
2. Loss of income insurance: A covered event, such as a fire, tornado or severe storm, can interrupt daily business operations if the building is too damaged for employees to work. The lack of work can reduce profits, which can impact your business’ ability to uphold financial obligations, such as payroll, rent and utilities. This vicious cycle can be the demise of a business, unless you have loss of income insurance to cover the profits you’ve missed out on.
   
   
3. Equipment breakdown insurance: Businesses rely on computers and a variety of additional pieces of equipment in order to operate. If machinery or electronics get damaged or fail, this coverage can provide the funds to repair or replace such equipment. This includes phone systems, break room appliances, computers, printers, boilers etc.

We’ll help you find the coverage you need. Call Security First Insurance Agency at (810) 732-5800 for more information on Flint MI business insurance.